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7) Invest In Assets, Not Liabilities

One key thing to understand when planning your finances in your 30s is the difference between assets and liabilities. This is one of the Top 7 Ways Rich People Think Differently Than The Average Person. Learn to invest in assets-things that have the potential to increase in value over time. Invest in shares, real estate, profitable businesses and most importantly, humans. Invest in your greatest asset which is yourself. Invest in your personal potential to increase your money-making capacity by reading books and constantly learning. Don’t be tempted into a flamboyant lifestyle of buying fancy, expensive cars and things you can’t afford. These are liabilities, not assets and will set you back a pretty penny in the long run. The value of a liability declines immediately after purchase. A brand new car loses 11% of its value the minute it’s driven off the dealer lot. Think long-term. Invest in assets. Check out our newest ebook “Top 7 Secrets to Making Your Fastest $1 Million” for more tips on making money with assets.

6) Maximize Employee Benefits

Take full advantage of employee benefits of your establishment. Find out all the employee benefits your company offers. It could be a flexible spending account, health savings account, or fitness reimbursement program. Contact your human resources department and understand how to take advantage of your benefits. Make sure you know all the benefits available to you at your job and take advantage of them.

5) Educate Yourself On Personal Finance

Once you clock 30, you have to learn the importance of personal finance if you haven’t already. Personal Finance 101 isn’t taught in school so you must make a conscious effort to learn it yourself. Simply learning about investing and spending wisely is only half the battle. Get smart about learning how to actively manage your money. Study books to understand the dynamics of money for the present and future. Resource materials like Yahoo Finance Education and CNN Money are replete with information to educate you on financial planning in your 30s. Arm yourself with information and you will enjoy the benefits of early preparation in your golden years.

4) Start A Rainy-day Fund

In life, there are ups and downs. You could have a medical emergency or lose your job. Financial planning in your 30s must include some amount of cash tucked away somewhere safe. This is quite different from your normal savings account. This should be about four to six months’ worth of salary stashed away in a high yield account, fixed deposits account or even high yield bonds. This fund will create a sufficient cushion on the day of adversity. Get in the habit of saving more than you spend.

3) Have An Investment Goal For Money You Save

You should start planning for the future before you hit the big 3-0. It’s good to save but better if you have an investment plan for your savings. This strategy allows you to save and grow your nest egg through investments. You can save with the purpose of purchasing a property, buying shares, or even the capital to start a business. This is far better than getting a loan in the long run. Have a specific investment goal and target for your savings. If you do this right, you will always have the zeal and motivation to save more.

2) Invest in The Little Guys

It pays to invest in smaller start-up businesses like those owned by friends and family. Look out for your peers from college buzzing with ideas but struggling with financing. If they have a good business idea on their hands, are hardworking, honest and trustworthy consider investing in their startup. Invest a few thousand and watch the business, and your profits, blossom. By the time the business is mainstream, your shares would amount to millions. This is one smart way to let your money work for you. If you do this often enough, you’ll start to learn how to identify the best business investment opportunities. You can start using your money as a tool. This is one the Top 7 ways rich people think differently than the average person. Financial planning in your 30s should include this critical step. Doing this right can leave you with enough funds to retire earlier than you think.

1) Make quality purchases

Learn to spend money in ways that will save you money later. Although it may cost you more in the short-term, go for quality. This strategy will save you time and money in the future. And you’ll get the benefits of having a high quality item working for you now. Think of the long-term benefits before making any purchase. You can save money and buy one quality and expensive interview suit. You’ll look great every time you wear it and it will last longer than a cheap one. Pick and choose which items you should invest more money in and which you can source for bargains. A quality suit or shoes may be worth the investment. If you don’t care too much about the car you drive you can invest in a quality non-luxury vehicle. Save money and time in the long run by buying quality instead of cheap and low-quality products.